ImmunityBio (NASDAQ:IBRX) Stock Price Down 5.6% - Here's Why

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) fell 5.6% during trading on Tuesday . The stock traded as low as $2.51 and last traded at $2.53. 3,579,558 shares were traded during mid-day trading, a decline of 29% from the average session volume of 5,063,778 shares. The stock had previously closed at $2.68.

Analyst Ratings Changes

A number of research analysts have weighed in on IBRX shares. EF Hutton Acquisition Co. I upgraded ImmunityBio to a "strong-buy" rating in a report on Wednesday, October 23rd. D. Boral Capital reissued a "buy" rating and issued a $30.00 price target on shares of ImmunityBio in a research note on Friday, December 20th.

ImmunityBio Price Performance

The stock has a market cap of $1.78 billion, a price-to-earnings ratio of -2.78 and a beta of 0.86. The firm has a fifty day moving average of $4.38 and a 200 day moving average of $4.58.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of IBRX. State Street Corp lifted its holdings in shares of ImmunityBio by 10.1% in the 3rd quarter. State Street Corp now owns 8,654,460 shares of the company's stock worth $32,195,000 after acquiring an additional 790,408 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in ImmunityBio by 2.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,265,981 shares of the company's stock worth $4,709,000 after purchasing an additional 29,665 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of ImmunityBio by 37.9% during the second quarter. Bank of New York Mellon Corp now owns 621,536 shares of the company's stock worth $3,928,000 after buying an additional 170,742 shares during the period. Clearwater Capital Advisors LLC grew its stake in shares of ImmunityBio by 8.9% in the second quarter. Clearwater Capital Advisors LLC now owns 482,549 shares of the company's stock valued at $3,050,000 after buying an additional 39,250 shares in the last quarter. Finally, Barclays PLC lifted its stake in ImmunityBio by 127.4% during the 3rd quarter. Barclays PLC now owns 361,036 shares of the company's stock worth $1,344,000 after acquiring an additional 202,248 shares in the last quarter. Hedge funds and other institutional investors own 8.58% of the company's stock.

ImmunityBio Company Profile

ImmunityBio, Inc, a clinical-stage biotechnology company, engages in developing therapies and vaccines that bolster the natural immune system to defeat cancers and infectious diseases. Its platforms for the development of biologic product candidates include antibody-cytokine fusion proteins; DNA, RNA, and recombinant protein vaccines; and cell therapies.